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Stanbic Bank Uganda maintains solid growth in half year profit

Stanbic Bank Chief Financial Officer Sam Mwogeza.

Stanbic Bank Uganda has maintained positive progress in its half year performance posting Profits After Tax of UGX 96.1 Billion. With a leading customer loan portfolio of UGX 2.3 Trillion and off-balance sheet trading portfolio of 1.7 Trillion, Stanbic has continued to be a key enabler in driving the growth of the agriculture, manufacturing, construction and trade sectors of the economy.

Commenting on the banks performance, Patrick Mweheire, Chief Executive Stanbic Bank Uganda said, “The bank has posted solid results over the past six months underpinned by the strength of our diversified business strategy. Customer deposits grew by an impressive 16.2% to UGX 3.75 trillion up from UGX 3.22 trillion. Total assets also grew by 7.4% to UGX 5.1 Trillion up from the previous year of UGX 4.8 trillion; meaning we are in a much strong position to support major development projects and further facilitate economic growth.

Speaking during the release of the bank’s interim results Sam Mwogeza Stanbic’s Chief Financial Officer stated that, “Total revenue grew by 2% to UGX 321 Billion shillings year on year. On the credit side our customers responded well to the latest reduction in our Prime Lending Rate (now at 17%) by borrowing 263 Billion shillings over the period.”

The Chief Executive further remarked, “We are optimistic the economy will continue to grow due to expansionary policies of the central bank and improved private sector activity.”

He said the bank has consistently marched its prime lending rate with the Central Bank rate and will continue to support their customers by introducing new products and services that make a difference.

“We shall continue creating a better tomorrow by investing in key sectors that have impact in the economy like Agriculture which employs 70 per cent of the total population. Stanbic is a key enabler in the agriculture, contributing 35% of the UGX 263 billion lent out in the past six months going towards promoting agriculture. And more importantly, with more than 40,000 SME clients, Stanbic bank is a key promoter of this critical underserved segment of the economy which generates 80% of our manufacturing output and 90% of new jobs created.” Mweheire said.

He added: “Stanbic established an SME incubator that takes SME’s through capacity building.  We think it makes business sense to lengthen the life of the SME’s so they can contribute more to the growth of our economy long term.  We have partnered with other institutions and subject matter experts who lead the trainings and we will have graduated 200 SMEs by end of year.”

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